CAIRO: The index sank Sunday 4.38 percent to 3,643.34 points – its lowest level since February 2005 – as the market resumed reeling on economic woes. Trading volume was a very low LE 395.5 million ($71.3 million). Shares of Ghabbour Auto – Egypt s largest carmaker by market value – were among the biggest losers. …

CAIRO: The index sank Sunday 4.38 percent to 3,643.34 points – its lowest level since February 2005 – as the market resumed reeling on economic woes.

Trading volume was a very low LE 395.5 million ($71.3 million).

Shares of Ghabbour Auto – Egypt s largest carmaker by market value – were among the biggest losers. The stock posted on Sunday their second largest daily decline in two months on fears profits could slow.

The company, which said last year its profit growth could ease as Egypt s economy weakens, saw its shares tumble 6.14 percent to LE 13. The firm said in November it would not likely continue to match the 88 percent growth in net profit it posted in the third quarter as a worsening economy hits car sales.

The index ended its two-week losing streak on Monday after foreign investors grabbed shares of OCI which fell to attractive trading levels. The index rose 0.72 percent to 3,669.73 points on a turnover of LE 442.5 million ($79.6 million).

Shares in OCI surged 5.94 percent to LE 106 after plunging 28.7 percent in the year to Sunday s close. Sister company OT, the largest Arab mobile phone operator by subscribers, rose 1.52 percent to LE 21.97 a share, as foreign appetite for large caps grew.

Shares of OCI rose 0.19 percent to LE 110. Mobinil shed 2.92 percent to LE 133.12 after Credit Suisse cut its price target on its shares to LE 170 from LE 200, saying it expects no earnings growth for the company in 2009.